Bascom Scores Mixed-Use Asset
A value-add play is in order at the SoCal property.
Courtesy of PR Newswire
Irvine, Calif.—The Bascom Group has secured Southtown at Main Apartments in Santa Ana, Calif. for $8.5 million. The transaction was brokered by Peter Hauser and Shane Shafer of Berkadia, and financed with a new loan from CTBC Bank.
“We acquired a unique, Orange County apartment building at a great basis that is positioned well to compete with newer product after renovations,” said James D’Argenio, principal for Bascom.
The 44-unit apartment community was constructed in 1988, and has added value with four retail tenant spaces that total 6,759 square feet. Southtown at Main is a four-story building which houses a unit mix composed of 9 percent studios, 57 percent one-bedroom units and 34 percent two-bedroom units. All apartments have fully equipped kitchens and patios or balconies.
Lee Nguyen, senior vice president for Bascom, commented, “The Santa Ana submarket is transforming and providing an Orange County urban living option for young professionals. Bascom will focus renovation capital primarily on interiors and cosmetic exterior upgrades.”
The property is situated conveniently in central Santa Ana, making it an attractive prospect for young professionals working in the area. Its location 1.5 miles from the 55 freeway makes it easy for residents to get around all of Orange County.
